Scorpio Tankers Inc. Announces Agreement to Construct Four Handymax Ice Class-1A Newbuildings

Scorpio Tankers Inc. Announces Agreement to Construct Four Handymax Ice Class-1A Newbuildings 
MONACO -- (Marketwire) -- 02/07/13 --  Scorpio Tankers Inc. (NYSE:
STNG) (the "Company") announced today that it has exercised options
with Hyundai Mipo Dockyard Co., Ltd. of South Korea ("HMD") for the
construction of four Handymax ice class-1A (37,000 DWT) product
tankers for approximately $30 million each. These vessels will be
delivered in the third quarter of 2014 and are a continuation of the
Company's existing newbuilding program for fuel-efficient vessels.
These newbuildings come with fixed price options for the construction
of four additional Handymax vessels.  
The Company has a total of 20 newbuilding product tanker orders with
HMD and SPP Shipbuilding Co., Ltd. of South Korea which include 16 MR
and four Handymax ice class-1A vessels. Two of the newbuildings are
expected to be delivered to the Company by April 2013 and the
remaining 18 by the end of 2014. The Company also has fixed-price
options to construct a total of 14 additional newbuilding product
tankers at these yards. 
About Scorpio Tankers Inc. 
 Scorpio Tankers Inc. is a provider of
marine transportation of petroleum products worldwide. Scorpio
Tankers Inc. currently owns 13 tankers (one LR2 tanker, four LR1
tankers, one Handymax tanker, six MR tankers, and one post-Panamax
tanker) with an average age of 4.6 years, time charters-in 20 product
tankers (three LR2, three LR1, nine MR and five Handymax tankers),
and has contracted for 20 newbuilding product tankers (16 MR and four
Handymax vessels), two of which are expected to be delivered to the
Company by April 2013 and the remaining 18 by the end of 2014.
Additional information about the Company is available at the
Company's website www.scorpiotankers.com, which is not a part of this
press release. 
Forward-Looking Statements 
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation Reform
Act of 1995 provides safe harbor protections for forward-looking
statements in order to encourage companies to provide prospective
information about their business. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts. The
Company desires to take advantage of the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with this safe harbor
legislation. The words "believe," "anticipate," "intends,"
"estimate," "forecast," "project," "plan," "potential," "may,"
"should," "expect," "pending" and similar expressions identify
forward-looking statements. 
The forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties
and contingencies which are difficult or impossible to predict and
are beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections. 
In addition to these important factors, other important factors that,
in our view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure
of counterparties to fully perform their contracts with us, the
strength of world economies and currencies, general market
conditions, including fluctuations in charter rates and vessel
values, changes in demand for tanker vessel capacity, changes in our
operating expenses, including bunker prices, drydocking and insurance
costs, the market for our vessels, availability of financing and
refinancing, charter counterparty performance, ability to obtain
financing and comply with covenants in such financing arrangements,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political conditions,
potential disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange
Commission for a more complete discussion of these and other risks
and uncertainties. 
Scorpio Tankers Inc.
212-542-1616 
 
 
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